DUBAI, UAE: Amlak Finance PJSC, a specialized Islamic real estate financier, announced its financial results for the 9-month period ending September 30, 2019, wherein total revenues for the first 9 months of 2019 amounted to AED 263 million; an increase of 11% compared to AED 236 million during the same period in 2018.
Revenues from financing business activities remained stable at AED 131 million when compared to the same period last year.
The company reported a net loss of AED 41 million; a decrease of 20% compared to AED 51 million net loss for the first 9 months of 2018.
Operating costs remained under control amounting to AED 88 million when compared to the same period last year.
During the first 9 months of 2019, Amlak recorded an impairment charge of AED 74 million on Islamic Financing Assets compared to AED 42 million for the same period in 2018. The company also recorded an amortization cost of AED 74 million; down by 12% compared to AED 84 million in the first 9 months of 2018. The amount of amortization represents the unwinding of fair-value gains on initial recognition of investment deposits, and varies according to the level of repayment made to financers in any reporting period.
Total assets continue to stand at AED 6 billion and total liabilities at AED 5 billion, similar to the 2018 year-end financial position.
During the first 9 months of 2019, Amlak remained on schedule for key real estate projects in the UAE. The company reached an advanced stage of renegotiating the funding terms with its financiers, which are expected to conclude before end of 2019.